BURLINGAME, Calif.,
May 14, 2015 /PRNewswire/
-- AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft
leasing company, announced today the final election results
received from American Election Services, LLC, the independent
tabulator and election inspector engaged for the Company's 2015
Annual Stockholder meeting.
In the election of directors, Thomas W.
Orr and David P. Wilson were
elected to the two open Board seats. "We are gratified
that our stockholders followed the recommendation of the Board of
Directors and re-elected Mr. Orr and Mr. Wilson," said Neal D. Crispin, President of AeroCentury.
"They each bring invaluable experience and expertise to the
boardroom, and we are glad that they will continue to serve the
Company as board members for an additional term.
The stockholders also approved the proposal regarding the
advisory vote on executive compensation and the appointment of BDO
USA, LLP as independent auditors.
The advisory vote on executive compensation asked for
approval of the compensation that JetFleet Management Corp.,
AeroCentury's management company, pays to the executive officers of
JMC who also serve in that same capacity at AeroCentury.
Nevertheless, a dissident stockholder attempted to mischaracterize
the vote on officer compensation as a referendum on the management
fee that AeroCentury pays JMC notwithstanding that executive
compensation is not the same as the management fee. We are
gratified that the stockholders were not confused by the dissident
shareholder's attempts and understood the actual issue being voted
on.
Both the fees paid to JMC and the executive compensation earned
by AeroCentury executive officers in their capacity as JMC officers
are fully disclosed in AeroCentury's periodic securities filings.
We believe that the results of the vote indicate that our
stockholders understand that the cost of managing a diverse
portfolio of thirty-eight aircraft and five engines on six
continents is not insignificant. We believe that they also
understand that, because the management fee is well-defined and
predictable, it eliminates the risk of increases in management
costs to AeroCentury."
AeroCentury is an aircraft operating lessor and finance company
specializing in leasing regional aircraft and engines utilizing
triple net leases. Currently, the Company's portfolio
consists of thirty-eight aircraft and five engines, covering ten
different aircraft types. The Company's current customer base
comprises thirteen airlines operating worldwide.
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SOURCE AeroCentury Corp.